Renowned economist and finance professor at the University of Ghana, Prof. Godfred Bokpin, has downplayed the idea that the current stability of the Ghanaian cedi is solely the result of recent economic measures, instead highlighting the importance of policy continuity across administrations.
Speaking in an interview on Citi FM on Wednesday, May 21, Prof. Bokpin said the New Patriotic Party (NPP), which exited power after the December 2024 elections, deserves partial credit for laying the groundwork for the current cedi resilience through key economic policies.
“The relative currency stability we are seeing is not the making of a single government,” Prof. Bokpin noted. “It is largely due to the continuation of certain prudent policies, particularly in managing foreign reserves.”
He pointed to the Gold-for-Reserves programme under the former NPP administration as a strategic intervention that bolstered international reserves, helping to anchor confidence in the cedi.
Despite missing several performance indicators under the IMF programme in 2024, Ghana exceeded its GDP growth target, ending the year at 5.7%, and maintained strong reserve levels — outcomes Prof. Bokpin believes had a stabilising effect.
He emphasized that macroeconomic stability is not achieved overnight and that credit should be shared where due, particularly when previous efforts have helped create a conducive environment for economic recovery.
Prof. Bokpin’s remarks underscore the value of bipartisan policy continuity, especially in the context of Ghana’s ongoing recovery and efforts to maintain exchange rate stability.
